NEWS

I Don't Believe It
(Posted 2nd February 2012)

That's the tax return panic over, but I never cease to be surprised how late some people leave it. I had one e-mail at 4.15pm on 31st January asking me to prepare and submit a tax return. I appreciate the 'head in the sand' thinking here but when the same folk also complain about having to find their tax bill at short notice, they only have themselves to blame.

One client gave us 5 working days notice and were still in my office on 31st January answering queries. Aghast at their tax bill, I tried to explain that retrospective tax planning is an oxymoron and perhaps they should have sought advice earlier, especially as their relevant accounting period started in October 2009.

I also find it strange that business owners are so ill equipped to weather the recessionary storm. Last week I asked 10 clients: "What are your month by month sales targets for 2012?" If you don't know your destination and route, how on earth are you supposed to arrive safely?

When you get into your car, you know where you are going. When you get into your business tomorrow morning, will you be able say the same? Plan the work, work the plan. Just do it.